FLAG-Forensic Accounting Long Short ETF
ALTAR
Score™
8.7% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
10.5x P/Sales
ratio
0.6x
P/BV
ratio
1.4x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Forensic Accounting ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is capital appreciation. The Fund, as the name suggests, applies forensic accounting principles to a universe of 500 large-cap stocks in an effort to "red-flag" companies with accounting or performance issues and exclude them from the mix.

FUND BASICS
Category US Equities
Fund Sponsor Exchange-Traded Concepts
Website www.exchangetradedconcepts.com
Inception date Jan 31, 2013
Assets (mns) $7
Currency USD
Expense ratio 152 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Fundamental
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 138
Wgt avg mkt cap (mns) $58,902
Large cap (>$10bn) 49.9%
Mid cap ($2-10bn) 49.8%
Small cap (<$2bn) 0.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
LEGG MASON INC 1.5 %
XPO LOGISTICS INC 1.3 %
MCKESSON CORP 1.3 %
AECOM TECHNOLOGY CORP 1.3 %
SAIC INC 1.3 %
CORELOGIC INC 1.2 %
CARDINAL HEALTH INC 1.2 %
SANTANDER CONSUMER USA HOLDI 1.2 %
AMERISOURCEBERGEN CORP 1.2 %
DAVITA INC 1.2 %
Total 12.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 132.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.0% -3.5% 5.0% -- 8.6%

Market Correlations
versus... Beta R-squared
S&P500 1.12 66%
MSCI EAFE 1.12 55%
MSCI Emg. Mkts. 0.79 47%

Technical Indicators
Recent close $33.38
30d moving avg. $38.49
Annualized volatility 16.7%
Short interest (ETF) 0.0%
Short interest (Underlying) 5.1%
Relative strength (RSI) 30

Liquidity measures
Avg. volume (thou.) 2
Turnover 1.0%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $41,448

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the FLAG-Forensic Accounting Long Short ETF ETF based on the alternatives' overlap in portfolio holdings with FLAG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FLAG Expense: 152 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FLAG
Ticker Fund
Name
Overlap1
vs FLAG
(%)
Expense
ratio
(bp)
Savings
vs FLAG
(bp)
ALTAR
Score™
(%)
ALTAR
vs FLAG
(%)
VALQ American Century STOXX U.S. Quality Value ETF 39.1 29 123 9.6 +0.9
COWZ Pacer US Cash Cows 100 ETF 37.9 49 103 10.2 +1.5
SYLD Cambria Shareholder Yield ETF 34.4 59 93 9.7 +1.1
VUSE Vident Core US Equity Fund 33.8 48 104 8.2 -0.5
SPYB SPDR S&P 500 Buyback ETF 33.5 35 117 8.7 +0.1
ESGS Columbia Sustainable U.S. Equity Income ETF 33.5 35 117 9.2 +0.5
FVAL Fidelity Value Factor ETF 31.3 29 123 8.3 -0.3
ONEY SPDR Russell 1000 Yield Focus ETF 30.7 20 132 8.9 +0.2
JVAL JPMorgan U.S. Value Factor ETF 29.5 12 140 9.1 +0.4
VLUE iShares Edge MSCI USA Value Factor ETF 29.5 15 137 11.4 +2.8
QSY WisdomTree U.S. LargeCap Value Fund 29.2 38 114 7.5 -1.2
RPV Invesco S&P 500 Pure Value ETF 28.5 35 117 12.1 +3.4
LSAF LeaderShares AlphaFactor US Core Equity ETF 27.0 75 77 6.7 -2.0
FTA First Trust Large Cap Value AlphaDEX Fund 26.7 60 92 9.2 +0.5
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 26.4 20 132 8.0 -0.7
SPDV AAM S&P 500 High Dividend Value ETF 25.9 29 123 10.8 +2.1
DTN WisdomTree U.S. Dividend ex-Financials Fund 25.8 38 114 8.3 -0.4
AFLG First Trust Active Factor Large Cap ETF 25.7 55 97 6.7 -2.0
QDF FlexShares Quality Dividend Index Fund 25.7 37 115 7.7 -1.0
SPYD SPDR S&P 500 High Dividend ETF 25.6 7 145 10.0 +1.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
FLAG-Forensic Accounting Long Short ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.1 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 152 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 CATEGORY
AVERAGE
1.56
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.